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There has been some buying interest from Turkey leading to small rally in billet offer levels from Black sea rallying by USD 10-15 per tonne. It is learnt that mills have been able to attain price level of USD 490-500 per tonne.

The slight upbeat in the market has partially to do with mills intention to push prices up as scrap levels have improved by USD 10-15 per tonne in ther range of USD 350-355 from Europe and USD 365-370 per tonne from US. Turkish mills are learnt to be interested in scrap deals after a long gap.

In general the price idea for CIS square billet is no lower than USD 495-500 per tonne FOB Black Sea with April shipment even though long term outlook remain pessimistic.

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